The housing market is seemingly cooling as inflation and higher interest rates impact homebuyers. Homes are increasingly selling at a slower pace, down to 21 percent since January, according to the National Association of Realtors. Mortgage applications also just hit their lowest point since 2000. Despite more homebuyers backing out, the median home price hit another high last month at $416,000.
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11 of the top 12 states with the highest poverty rate are the Republican-led states of Mississippi, Louisiana, Kentucky, Arkansas, West Virginia, Alabama, Oklahoma, Tennessee, South Carolina, North Carolina and Texas. 14 of the top 15 states with the lowest median household income are the Republican-led states of Mississippi, West Virginia, Arkansas, Louisiana, Alabama, Kentucky, Oklahoma, Tennessee, North Carolina, South Carolina, Montana, Missouri, Indiana and Ohio. 4 of the top 5 states with the highest bankruptcy rate are the Republican-led states of Alabama, Kentucky, Mississippi and Tennessee.
Facts 👍
False
No need to argue here, look for the facts and determine if it’s true or not!
We are THANKFUL for our October 2020 purchase at 2% with no down payment!
@Gator Gator There’s never going to be a shortage of anything?
During the Great Depression, which occurred from 1929 to 1933, many Americans lost all of their money and were not able to get jobs. Therefore, they were not able to buy food. Since most people did not have enough money to shop for food, there wasn’t enough business to keep most of the groceries fully stocked. Hence there was a food shortage. Also we don’t use real money it’s actually a fiat currency which is just a note of debt. Them printing it out of thin air since 1913 has devalued the dollar by 98 percent combined with fractional reserve lending has caused this hidden tax called inflation… But I digress. I can’t write a book every comment.
I bought in May 2020. 2.75% interest rate. Lucky.
@Brawndo Corporation So there wasn’t enough money to buy food back in the depression area. But there was food ppl just didn’t have money to pay for it. So ppl got smarter with their money and got past those yrs. Lesson learned. Take care of your money and your money will take care of you
@Gator Gator My post got censored I guess they don’t want you to see the truth.
@Brawndo Corporation Oh they will see the truth. Bc the truth has nothing to do with YouTube or the internet. You can’t censor reality
Too many homeless people in America, look at Nancy Pelosi district. I will never go back to SF again after seeing that messy city.
What does this have to do with buying a house?
@P J did you really just ask how homelessness is related to the cost of housing?
@Crack Shot yes there will always be homeless no matter what, but people losing their jobs and not being able to afford housing is a big contributing factor
Housing prices in this Country are disgusting and unacceptable.
Canada is the same. Friend just paid $2.5 million in beautiful Vancouver. So insane but what an absolute beautiful city!
@G_CxL doesnt mean that means we are going to experience that foreign gap in income to home price
@brian oleson It’s gotta be coming. NONE OF THIS is sustainable for average people. If the prices on EVERYTHING don’t dramatically decrease we’re going to see homelessness like we’ve never seen before. Most folks are just one or 2 events away from finding themselves destitute on the street. One illness or economic downturn away.
@Life its so bad that just any housing crash this time around is actually not enough in western states if homes dropped 30% it would be a spit in the face thats how bad its gotten. in my area 159k median home price 2011 now builders are trying to sell new for 650-700k it should barely be 200k adjusted for inflation today its above, over the moon and around the corner appreciation
Housing cools but rent is sky-fu**ing-high.
yeah.. buying cool means more people going to rent.
Another harbinger of the looming recession.
Soon it will be time to buy,.. cash money only though.
Can’t wait to see these home prices cut down by -30% next year lol. All these people rushing to overpay for these homes about to get a rude awakening soon.
I wonder how this is going to affect the housing market bc the average American (Karen’s and Kevin’s) aren’t going to have it.
1 million for a wooden house 🏡?
Why ?
Cheers from west Africa
🦅
@Fire Plug it’s made of concrete blocks…
Omo, these people are living large o…Wooden house for $1 million… What a wow
It could be empty land and it would still cost a ton
@Fire Plug concrete blocks.
@Adur Pandya it shouldn’t in a country full of gangs activities, and school shootings, and potholes, and high crime rates, and inflation.
The cities love these prices, hiking up the property taxes 🤬
And jokes on people who choose to live in those cities.
Bankers are to blame for this honestly. Not property taxes 💀
@EB Indy not if they want their kids to have a good education.
@James Fredrick bankers don’t create the interest rates. They put a relatively small hike on top of the federal interest rate. They make a lot of money because we take so long to pay down that mortgage and interest. Banks are obviously problematic too though.
@Veganpotter Thevegan You overestimate Americans desire to get their kids educated.
Slowed? Looks like everyone bought the house they wanted not too many left now in the sea
Makes me want to move out this country
Nowhere else to go anymore. Stand and fight comrade.
@Don’t Trip ahhh yes, i’m sure a few months hard labor at Howard Springs will change your mind. Gotta be quarantined since you’re a foreigner and you have to stay fit…so off to work?
I’m sure you think you’re going to Western Europe, Canada, or some other former English colony, excluding anywhere in Africa or South Asia of course. 😂
Joe Biden economy!
It’s still overpriced and if u buy now u will regret
Homes shouldn’t be an investment, they should be a place to live. That said, interest rates are nationwide and the price drops will be different everywhere. In the end, you may get a house for 30% less with 3% higher interest. After 30 years, you’re pretty much spending the same amount of money for that home that’s 30% cheaper
there all young under 40 they dont know better its so logical appreciate does not 3x in a decade in real estate let alone 1x nobody should be that desperate buy a new mobile home for 50,000$ if it drops in value u lose only $10,000
This isn’t just a grammatically incorrect sentence; I have no idea what you’re trying to say at all. Is this just a boomer yelling at clouds? People who read books don’t write like this.
Realtors: Wait just a minute! It’s a perfect time to buy!
Lies. No it isnt
I’ll never buy a car or house I’ll enjoy my financial freedom
So you’re either paying high rent or living in a tent behind Walmart
@Gator Gator You forgot mooching off somebody else
@ChalkDemon11 Hahaha why would anyone let him
It is not cooling off….it is decreasing from the unrealistic high price.
Awesome, now people can buy the same house for a cheaper price but with a higher payment than before!
1 Corinthians 15:1 – Moreover, brethren, I declare unto you the gospel which I preached unto you, which also ye have received, and wherein ye stand;
1 Corinthians 15:2 – By which also ye are saved, if ye keep in memory what I preached unto you, unless ye have believed in vain.
1 Corinthians 15:3 – For I delivered unto you first of all that which I also received, how that Christ died for our sins according to the scriptures;
1 Corinthians 15:4 – And that he was buried, and that he rose again the third day according to the scriptures:
John 3:16 – For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.
John 5:24 – “Verily, verily, I say unto you, He that heareth my word, and believeth on him that sent me, hath everlasting life, and shall not come into condemnation; but is passed from death unto life.”
Acts 16:30 – And brought them out, and said, Sirs, what must I do to be Saved?
Acts 16:31 – And they said, Believe on the Lord Jesus Christ, and thou shalt be saved, and thy House.
Hebrews 10:14 – “For by one offering he hath perfected for ever them that are sanctified.”
Ephesians 1:13 – In whom ye also trusted, after that ye heard the word of truth, the gospel of your salvation: in whom also after that ye believed, ye were sealed with that holy Spirit of promise,
Ephesians 4:30 – And grieve not the holy Spirit of God, whereby ye are sealed unto the day of redemption.
Once saved always saved.
I can quote Bible verses, too.
James 5: 1-6
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
4 Behold, the hire of the labourers who have reaped down your fields, which is of you kept back by fraud, crieth: and the cries of them which have reaped are entered into the ears of the Lord of sabaoth.
5 Ye have lived in pleasure on the earth, and been wanton; ye have nourished your hearts, as in a day of slaughter.
6 Ye have condemned and killed the just; and he doth not resist you.
to many people look at the mortgage and not the actual price of the home to make a purchase which is a bad idea in my opinion. people must think the world is ending soon so it doesnt matter to throw ur money into this
American white woman problems. A million?
Gas at $6 a gallon, what’s up with that?
@B with God 1. Define socialism. 2. How is socialism at fault?
This is a good thing, I purchased a house just a couple years ago- but because of the location and the bidding wars my home is now worth almost twice the amount I paid. Now the majority of local buyers are priced out of the market and people from other states are relocating to my mountain town to work remotely and escape the city. People who grew up here will never be able to afford a home after the massive price fluctuation.
@Joshua That works if you have somewhere better to go than the US
@Joshua Joshua, that is a naive opinion
Yeah same here.
@Gator Gator u know capitalism is better than communism but eventually we learn non of them work. China has a mix of both tho, but their a bit controlling, simply put they both never work out in the long run
@UncomfortableTruths Says who? Capitalism has been around since the 1st coin was traded. The only system that works for everybody the creator put in place. But we human-beings rejected that. So capitalism it is
Anyway rich americans are happy..now they can get cheap labours
Van life.
The question is who are the majority of buyers of homes? Are they the average first time home buyers, or are they international investors looking to flip them for double?
Flipping game is dust in the wind now. Those days are long gone
@M1978 1978 Depends where you look. Plenty of 80lk-100k homes in 400k neighborhoods in Virginia.
@M1978 1978 here in south Florida most of the homes that are flooding the market were purchased in the last 6 months to year and a half. They are asking double and even more in some cases.
And you see homes listed that were already traced twice so far in 2022.
Foreign and domestic corporations buying them up to rent them out at exorbitant rates.
Housing hasn’t cooled. The feds just raised interest rates to force sellers to sell. But sell to whom? Buyers who now can’t afford to buy? Smart homeowners aren’t selling if they can’t get their prices. They’re just going to jack up the rent
I’d jack up my rent too.
Feds raising interest rate this much within a short period of time is also the reason why the rental market is getting hot.
Smh
Boughten
I came here to say this….glad I’m not the only one. This was like nails on a chalkboard to me. And people are trusting this woman with large real estate transactions.
Locked in back in 2020 at 3% with 15 down. It’s smooth sailing ⛵️ for us now 😎
NBC, you can’t save Biden now! LOL!
It’s finally a buyers market again!
Not really if rates are high!
LOL How when the prices are 100% more than in 2020?? and interest rates are almost 6% and could go up this year??
@Thành Lê USA Cuộc Sống Mỹ So I guess the sellers are just gonna sit on their properties hoping potential buyers will just give into their prices? No sir… eventually they will give in and drop the those list prices.
@Eldridge Hainesworth We will wait and see. They might reduce their prices a little but not like 50% off prices.
@Thành Lê USA Cuộc Sống Mỹ Look at it this way… Sellers are listing these properties for a reason. The longer it stays on market the more motivation their showing. Eventually they will buckle… I’m thinking by 60 to 70% and im also thinking more sooner than later.
The superiors better cool it, we’ve got the guillotine ready.
All, let’s boycott this over hyped housing for couple of years.
BIDENS AMERICA 🇺🇸
@Bryan Everett When interest rates remain too low for too long it overcooks certain sectors of the economy. It also limits the tools the fed has. They can only lower the interest rate so much since it can’t go into the negative. Also based on your earlier post you seem to think raising the interest rates will raise peoples current mortgages. I don’t know anybody who has a house that isn’t in a fixed-rate mortgage.
@Bryan Everett When people respond to ambiguous stimuli, the expected response is that they organize information according to their life experiences. Your assumptions say quite more about yourself than about me. And for the record less than 5% of mortgages in the US are adjustable rate.
@Jay Gatsby, I hope Biden and all the Democratic candidates take your advice and run their campaigns on congratulating themselves on increasing federal interest rates to slow the rapidly increasing inflation. That should go over great with the voters who are struggling.
What’s the point if you have all that equity in a home if you don’t know what to do with it. If you don’t sell or pull money out than that money is stuck and if you sell well you getting something more expansive. So you’re held hostage in your own home. Is just a rich effect
A home is a place to live first, and an investment second. Get that right.
@Bill Moyer each mind lives in their own world people live in their own home get married have kids and owe everything 30 yr mortgage, vacation, credit cards, cars, weddings everything is debt one retires and inflation kicks in lose their jobs and there goes everything you work so hard for. You buy low sell height and work your way up don’t get emotional attach to nothing. Money Was made to make more of it. My first home I sold it and made money did I love it yes was I scared yes but I saw more opportunities. So if you have equity in a home and you don’t use or don’t sell it for a better opportunity, then you’re a person who loves comfort nothing wrong with that just not for me.
https://youtu.be/PoJjYY1vSAk?list=PLbDoLPTTmiglRVgzpp9FM51uLlxMW3UsS
Cool and crashing are two different things..
wow a teacher offering a million dollars house that sound like her problem
Refinanced to 15 year almost a year ago at 1.89%. I’m good
Congratulations. 🙄
And why did you need to refinance, buying garbage you don’t really need to support the capitalist system, I assume. 🙄 Being a biter is nothing to brag about.
@TheBLGL I had 20 years left on my 30 year mortgage at 3.25%. Decide to shorten it up save 5 years and lower the interest rate.
If everyone stops buying, you’ll see just how fast prices come down – it’s always the way. Then again, people are morons, which is why during a pandemic, the buying went through the roof. If people would stop behaving like idiots, we wouldn’t be where we are today.
every house that goes up for sale around here is under contract 2 or 3 days after it’s listed. there’s no way anyone shopping for a home could make a decision to buy a house that quickly.
How does a teacher have over a million dollars to offer on a house? It has to be mostly her husband’s money or money she inherited. Aren’t teachers always complaining how they make so little for what they do? Even though they have more vacation time than anyone else?
@Bill Moyer I forgot about the trust fund kids.
@N Esq Oh! You’re a man “that thinks like a woman sometimes”. Ok sir, I hear you.
@N Esq I strongly disagree, women need a mans money. It’s statically proven women date up about 58% more money then themselves. She is a teacher. So most likely makes way less then her husband. Women have always needed a mans money, that’s y there is the term called gold diggers, or men r the providers
@UncomfortableTruths well who wouldn’t want someone else’s money. I know I would. Some women have a lot of money. Being a teacher doesn’t mean her net worth only comes from a teaching job. I don’t know what her husband makes. But she probably makes all the money and pegs him to show dominance
Depression democrats….. wake up. Yea Biden the problem
JESUS CHRIST IS LORD❕REPENT BECAUSE THE KINGDOM OF HEAVEN IS AT HAND❕THE LOVE HE HAS FOR YOU IS EVERLASTING AND PURE❕GLORY BE TO THE NAME OF THE LORD❕CHRIST LOVES YOU SO MUCH SO THAT HE GAVE UP HIS LIFE UNTO THE CROSS SO THAT WE MAY HAVE EVERLASTING LIFE ❕THERE IS SPIRITUAL DEATH TO THOSE WHO WHO DO NOT ACKNOWLEDGE CHRIST AND ACCEPT HIM AS THEIR PERSONAL SAVIOR❕HE IS THE ONE AND ONLY TRUE LIVING GOD, THE LIVING WATER, THE PUREST LIGHT OF THE WORLD❕REPENT AND TURN AWAY FROM SIN SO THAT YOU MAY BE SET FREE IN THE NAME AND IN THE BLOOD OF JESUS CHRIST OF NAZARETH❕HE IS THE ONLY WAY TO TRUE SALVATION ❕HOLD FAST TO THE WHOLE WORD OF GOD IN PRAYER AND IN SUPPLICATION, AMEN❕THIS WORLD IS TRULY EVIL❕PUT ON THE WHOLE ARMOR OF GOD AND PICK UP THE SWORD THAT IS HIS WORD❕GREATER IS HE THAT IS WITHIN YOU THAN HE THAT IS IN THE WORLD❕THIS IS SPIRITUAL WARFARE❕WE ARE IN THE FINAL DAYS❕
Hope the market crashes
Ha ha, all of your real-estate investments are getting ready to tank, greedy f’s. I will just wait for you to foreclose and bam. Pennies on the dollar.
This is bogus. Rates will need to go 25% before the market cools off.
HAHAHAHAH.. SO YOU GUYS WANT US TO CATCH THE FALLING KNIFE?? LOL FU
Inflation is due to no protection for buyers from large corporations who are buying up entire communities to force people to rent. The second part of the inflation is the stupid buyers who are willing pay these prices and live above their means. Nobody is forcing people to buy. If buyers are willing to enter themselves into a bad, inflated, bank breaking deal… then it is your own fault. Learn to be patient, and settle for a bit less.
“A house is just a place to keep your stuff while you go out and get more stuff”
-George Carlin
Unfortunately constantly rising rents is keeping demand to own high. People want freedom from greedy landlords.
No one ever reports on buyer demand…buyers already bought 1 or 2 years ago. the demand got pulled forward.
new household formation does not get pulled forward.
@Bill Moyer but the demand does. its pretty easy to live in an apartment with a baby or a toddler. During those years, a couple can get a house right off the bat, or wait until the kid grows up and absolutely needs his own room.
LoL
>inflation is calculated using the current CPI model. I am pretty sure that if you used one of the older models from the 90’s then inflation is probably well above 10%
Always keep an open mind now it’s the best time for investing, best ones are those that can adapt and change as the years goes.
@Elliot Humphrey > Many years ago I dismissed the market in general. Now I’m a stock bull after spending the last 2 years doing trading and proper research with ‘Natalie Paige Harwell’ a financial Advisor, who said tech. stocks is going to change the financial system for better. –
Hope it crashes! Us single families need a break
Sellers didn’t have a problem when the pandemic brought more buyers to the market and now they have a hard time swallowing the new reality!
Real estate crashing 40% wouldn’t even be a crash… it would be 2019.
How can the typical family with average income afford a higher rate+ more expensive home? in my area multi generational home is becoming the norm . Don’t forget to add the inflation which just this week was 9.1 on the CPI , producers index 11.3, it’s going to be a rough ride for sur
@Chris Tsang
Time will tell how this period will treat people that never save, invest, lived beyond means, paycheck to paycheck, too many kids, too big of home, keeping up with the joneses with FOMO,YOLO, paying alimony, child support, etc…
@Bonnie Susmano This is why being informed pays off. I see any market condition to make plethora of wealth. I had my 55k diversified mainly in stock and digital-assets which has grown by 3x in the past 7 months with compounding (credit to Theresa Mary Chamblee) venturing doesn’t necessarily boil down to funds but you also have to be informed, be patient and back it up with good guidance.
@Bonnie Susmano When the mass layoffs start, and the cpi is 20%
@James Savarese It’s amazing that all you have pointed out….also I was able to find her website when I looked up her name.
Rates were 2-3% for a short time and unsustainable. 5-6% is not a cataclysmic mortgage rate, still far lower than most other debt as it should be. Housing prices are the bigger issue but that is determined by supply and demand, which depends on your product, specific region, and time of year. The over-dramatization of market corrections is truly disappointing coming from masters degreed and up people who clearly know all this. This is why no one trusts the media anymore, because we know you know better.
This may be true in some parts of the country, where I live houses are pending a few days after being listed!
Thanks for the recession Joe Biden.
Welcome democrate 😀😀